Eight Tax Benefits for ParentsFebruary 11, 2013 – IRS Tax Tip 2013-11

Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn't miss when filing taxes this year.

Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012. For more information, see IRS Publication 501, Exemptions, Standard Deduction and Filing Information.

Child Tax Credit. You may be able to claim the Child Tax Credit for each of your children that were under age 17 at the end of 2012. If you do not benefit from the full amount of the credit, you may be eligible for the Additional Child Tax Credit. For more information, see the instructions for Schedule 8812, Child Tax Credit, and Publication 972, Child Tax Credit.

Child and Dependent Care Credit. You may be able to claim this credit if you paid someone to care for your child or children under age 13, so that you could work or look for work. See IRS Publication 503, Child and Dependent Care Expenses.

Earned Income Tax Credit. If you worked but earned less than $50,270 last year, you may qualify for EITC. If you have qualifying children, you may get up to $5,891 dollars extra back when you file a return and claim it. Use the EITC Assistant to find out if you qualify. See Publication 596, Earned Income Tax Credit.

Adoption Credit. You may be able to take a tax credit for certain expenses you incurred to adopt a child. For details about this credit, see the instructions for IRS Form 8839, Qualified Adoption Expenses.

Higher education credits. If you paid higher education costs for yourself or another student who is an immediate family member, you may qualify for either the American Opportunity Credit or the Lifetime Learning Credit. Both credits may reduce the amount of tax you owe. If the American Opportunity Credit is more than the tax you owe, you could be eligible for a refund of up to $1,000. See IRS Publication 970, Tax Benefits for Education.

Student loan interest. You may be able to deduct interest you paid on a qualified student loan, even if you do not itemize your deductions. For more information, see IRS Publication 970, Tax Benefits for Education.

Self-employed health insurance deduction - If you were self-employed and paid for health insurance, you may be able to deduct premiums you paid to cover your child. It applies to children under age 27 at the end of the year, even if not your dependent. See IRS.gov/aca for information on the Affordable Care Act.

Forms and publications on these topics are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

TaxACT guides you step-by-step through all of these child-related tax benefits and hundreds more credits and deductions for your maximum refund. If you need help along the way, get instant personalized help in the Answer Center or online. You can also email tax and audit questions to TaxPayer Support Specialists for free answers. Start your TaxACT return now.

March 2 — Payers of gambling winnings. File Form 1096 along with Copy A of all the Forms W2G you issued for 2014. If you file Forms W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 — All employersFile Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W2 you issued for 2014. If you file Forms W2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 — Large food and beverage establishment employers File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

March 2 — Wagering tax File Form 730 and pay the tax on wagers accepted during January.

March 2 — Heavy highway vehicle use tax File Form 2290 and pay the tax for vehicles first used in January.

March 10 — Employees who work for tipsIf you received $20 or more in tips during February, report them to your employer - Details

March 11 — Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the first 15 days of February.

March 13 — Regular method taxes Deposit the tax for the last 13 days of February.

March 16 — CorporationsFile a 2014 calendar year income tax return (Form 1120) and pay any tax due - Details

March 16 — S CorporationsFile a 2014 calendar year income tax return (Form 1120S) and pay any tax due - Details

March 16 — S Corporation electionFile Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2015. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2016.

March 16 — Electing larger partnershipsProvide each partner with a copy of Schedule K1 (Form 1065B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004

March 16 — Social security, Medicare, and withheld income tax If the monthly deposit rule Page 6 Publication 509 (2015) applies, deposit the tax for payments in February.

March 25 — Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 14 days of February.

March 27 — Regular method taxes Deposit the tax for the first 15 days of March.

March 31 — Electronic filing of Forms W2 File copies of all the Forms W2 you issued for 2014. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms W2G File copies of all the Forms W2G you issued for 2014. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms 8027 File Forms 8027 for 2014. This due date applies only if you electronically file.

March 31 — Wagering tax File Form 730 and pay the tax on wagers accepted during February.

March 31 — Heavy highway vehicle use tax File Form 2290 and pay the tax for vehicles first used in February.

March 31 — Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W2G.File Forms 1097, 1098, 1099, 3921, 3922, and W2G with the IRS. This due date applies only if you file electronically. Otherwise, see March 2. The due date for giving the recipient these forms generally remains February 2.
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